The revision is mainly due to the introduction of the interim solution for the Construction and Cost Price Indices which have impacted on both the construction industry and gross fixed capital formation estimates. Figures for 2014 were also revised upwards. The economy advanced 3.4 percent in the last quarter of 2014 (from an initial 3 percent).
Year-on-year, household expenditure has been rising each quarter since Quarter 4 2011, and was 3.4 percent higher in Quarter 1 2015 than in the same period a year ago. Both government and non-profit institutions serving households’ consumption increased 2.3 percent while gross fixed capital formation jumped 5 percent. Exports rose 3.8 percent while imports expanded at a fastest 4.6 percent.
On a quarterly basis, the economy expanded 0.4 percent in the first three months of 2015, revised up from previous estimate of 0.3 percent. Still, the figures showed the economy slowed from an upwardly revised 0.8 percent increase in the last quarter of 2014, growing at the slowest pace since the last three months of 2013.